Nigerian mobile financial services platform Paga has received a USD 2 million grant from Enhancing Financial Innovation and Access (EFInA), a development organization based in Nigeria, to develop low-cost financial products and distribute them through Paga’s agent network.
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MICROCAPITAL BRIEF: Lovonus Microfinance Bank Begins Operations in Nigeria’s Victoria Island
Lovonus Microfinance Bank, a private commercial microfinance bank, has met the NGN 100 million (USD 635,900) capital requirement to receive a unit license to operate a microfinance bank, allowing it to comments operations in Victoria Island in the Lagos region of Nigeria.
MICROCAPITAL BRIEF: Nigerian Microfinance Bank Transactions With Traditional Banks Excluded from Cash Limit Policy
The Central Bank of Nigeria (CBN) has announced that its Cash-Lite system, which established a limit of NGN 1 million (USD 6,330) on corporate cash withdrawals and deposits, does not apply to microfinance banks (MFBs) in their transactions with commercial banks because daily withdrawals by MFB customers could exceed this amount.
MICROCAPITAL BRIEF: National Automotive Council of Nigeria Launches $6.3m Microcredit Facility for Mechanics
The National Automotive Council (NAC), an agency of the Nigerian government, is planning to formally launch a NGN 1 billion (USD 6.3 million) microcredit facility for cooperatives of 10 to 20 automotive mechanics.
MICROCAPITAL BRIEF: Nigeria Deposit Insurance Corporation (NDIC) Appoints Debt Recovery Agents to Seek Repayments Owed Microfinance Institutions in Liquidation
The Nigeria Deposit Insurance Corporation (NDIC), an agency of the federal government of Nigeria, has reportedly appointed debt recovery agents (DRAs) for microfinance banks (MFBs) in liquidation to recover “debts owed to the 103 closed MFBs nationwide.”
MICROCAPITAL BRIEF: Citibank Nigeria to Launch Citi Microenterprise Development for Rural Farmers Initiative
Citibank Nigeria and Citi Foundation, two arms of US-based financial services provider Citigroup, have announced the creation of the Citi Microenterprise Development for Rural Farmers Initiative (CMDRFI), a capacity-building and microlending scheme for smallholder farmers in Nigeria.
MICROCAPITAL BRIEF: Nigerian Banks Refuse Third-Party Cheques from Microfinance Institutions
Banks in Nigeria reportedly have been rejecting third-party cheques from microfinance banks (MFBs).
MICROCAPITAL BRIEF: Plans Still on for Nigeria to Create Microfinance Development Fund in 2012
Consistent with news reported by MicroCapital in January 2011, Nigeria’s federal government and the Central Bank of Nigeria (CBN) still plan to create a Microfinance Development Fund (MDF) with the intent of increasing financial inclusion and improving the operations of microfinance institutions.
MICROCAPITAL BRIEF: Microfinance Bank Customers Exempt from Nigeria’s Cash-Lite Cashless Banking System and Tax
The Central Bank of Nigeria (CBN) has exempted microfinance banks from participating in the Cash-Lite banking system in recognition of the challenges of training and persuading microfinance customers to use electronic and cashless banking services, such as automated teller machines (ATMs) and checks.
MICROCAPITAL BRIEF: European Fund for Southeast Europe Lends $24m to AccessBank of Azerbaijan, Kreditimi Rural I Kosoves of Kosovo, Byblos Bank Armenia, Alter Modus of Montenegro
The European Fund for Southeast Europe (EFSE), a microfinance investment fund incorporated in Luxembourg, has reported to MicroCapital that it has made loans to the following institutions: USD 15 million to AccessBank of Azerbaijan, the equivalent of USD 649,000 to Kreditimi Rural I Kosoves (KRK) of Kosovo, the equivalent of USD 5.27 million to Byblos Bank Armenia and approximately USD 3.89 million to Alter Modus of Montenegro. The loan to Byblos Bank was disbursed in two tranches: a local currency loan of AMD 875 million (USD 2.27 million) and an additional transaction of USD 3 million. The loan to Alter Modus was disbursed in tranches of USD 1.3 million and USD 2.6 million.
MICROCAPITAL BRIEF: Fortis Mobile Money to Enable Mobile Phone Banking for 180 Members of Nigeria’s National Association of Microfinance Banks, Lagos State Chapter (NAMBLAG)
The National Association of Microfinance Banks, Lagos State Chapter (NAMBLAG) of Nigeria has signed a memorandum of understanding with Fortis Mobile Money, a mobile money operator licensed by the Central Bank of Nigeria, to enable NAMBLAG’s 180 microfinance bank (MfB) members to offer mobile banking services to their customers.
MICROCAPITAL BRIEF: Nigeria Deposit Insurance Corporation (NDIC) to Promote Microfinance Bank Mergers in Bid to Minimize Liquidations
The Nigeria Deposit Insurance Corporation (NDIC) reportedly has announced that it will give Nigerian microfinance banks (MFBs) the option to execute mergers and acquisitions to minimize the liquidations among MfBs and to create strong players in the industry.
MICROCAPITAL BRIEF: Incofin Lends $6m to Microfinance Institutions Vision Banco of Paraguay, Lazika Capital of Georgia, Credit Mongol of Mongolia, Forus Bank of Russia
Belgian company Incofin Investment Management (Incofin IM) has disbursed loans through microfinance investment funds it manages to four microfinance institutions (MFIs): USD 3 million to Vision Banco of Paraguay, USD 1 million to Lazika Capital of Georgia, USD 1 million to Credit Mongol LLC of Mongolia and USD 1 million to Forus Bank of Russia [1, 2, 3, 4].
MICROCAPITAL BRIEF: Mobile Telecommunications Network (MTN) to Offer Mobile Prepaid Product from Visa in Nigeria and Uganda
Visa Incorporated (Visa), a US-based payments technology company, has recently announced that it is offering under-banked consumers in developing countries prepaid, globally interoperable electronic payment accounts.
MICROCAPITAL BRIEF: Microfinance Initiatives of EcoBank, ACCION Win International Awards in Nigeria, Ghana
EB-ACCION Savings and Loans (EB-ASL), a Ghanaian microfinance institution, and ACCION Microfinance Bank (AMfB) of Nigeria, have recently won awards commemorating their contributions to providing microfinance services to low-income entrepreneurs. Both organizations count EcoBank, a Togo-based banking group, and US-based nonprofit ACCION International as investors.
MICROCAPITAL BRIEF: Bank of Ghana Issues New Licensing Regime to Regulate Microfinance Industry
In an attempt to improve regulation of microfinance institutions (MFIs) in the country, the Bank of Ghana (BoG), the central bank of Ghana, recently issued new operating rules and guidelines under the Non-bank Financial Institutions Act 2008. Among those being regulated are ‘susu’ companies, which are named after a traditional, informal means to save and borrow.
MICROCAPITAL BRIEF: Dr Muhammad Yunus Advises Nigeria’s Microfinance Banks to “Look At Conventional Banking And Do It the Opposite Way”
Dr Muhammad Yunus, the founder and former chairman of Bangladeshi microfinance institution (MFI) Grameen Bank, recently offered guidance to the leaders of Nigeria’s microfinance banks (MFBs) relating to social mission, capital structure and interest rates.
MICROCAPITAL BRIEF: Nigeria’s National Association of Microfinance Banks (NAMB) Establishes Trust Fund to Provide Funds to Member Microfinance Banks (MFBs)
According to a recent story in the Nigeria-based newspaper This DayLive, the Lagos chapter of the National Association of Microfinance Banks (NAMB), a trade group of microfinance banks (MFBs) in Nigeria, has established the “NAMBLAG Trust Fund.”